Dubai exceeds 2026 cashless payment target, adds Dh8 billion to economy

Dubai's Cashless Strategy, launched by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum in October 2024, has surpassed its targets ahead of schedule. The strategy's success led to cashless transactions indexing at 90.1 per cent, surpassing the targeted 90 per cent within two years. The Digital Enablement Index for government institutions reached 100 per cent, indicating the availability of digital payment options across all institutions and businesses.

Additionally, the community happiness index matched the 90 per cent target. The Dubai Financial (DOF) reported that these achievements contributed over Dh8 billion to Dubai's economy. The strategy's success was attributed to collective efforts from various organizations, including government entities, financial institutions, payment solution providers, and tech companies.

Sheikh Hamdan praised the collaboration between the government and private sectors, emphasizing Dubai's integrated model driven by technology and innovation. Sheikh Ahmed bin Saeed highlighted the strategy's role in enhancing Dubai's competitiveness as a global business, investment, and tourism hub. He called for continued coordination among free zones, aviation sectors, and other economic fields to further expand digital payment adoption.

Abdullah Mohammed Al Basti, Secretary General of The Executive Council of Dubai, affirmed Dubai's global leadership in economic transformation and its commitment to integrating ambitious plans with effective government policies. Director-General of DOF, Abdulrahman Saleh Al Saleh, stated that exceeding the 2026 target signifies a significant milestone, coinciding with high digital enablement, community happiness, and substantial progress in digitizing government collections.

The next phase will focus on sustaining these results, expanding digital solutions, deepening partnerships, and maintaining a flexible, secure payment ecosystem.